France's new regulation requires reporting of self-custodied cryptocurrencies, privacy concerns spark heated debate in the community

2025-12-12 03:02:19

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[BitPush] France has recently taken a major step in cryptocurrency regulation. They passed an amendment called No. 1649 AC, which requires citizens holding crypto assets to proactively report the specific market value of coins in their wallets—note, even if you haven’t done anything, no buying, selling, or transferring, as long as you hold, you must report.

This move caused an immediate uproar. Many people directly criticized it, saying it’s essentially the government overreaching into private property. Even more concerning is that this means the authorities will create a database containing your name, address, and the amount and value of your holdings — critics say this is a “data honey pot,” and if leaked, the consequences could be disastrous.

Self-custody has always been one of the core principles of cryptocurrency, but now being forced to disclose everything publicly makes many privacy-conscious holders feel very uncomfortable. Whether other countries will follow suit with similar policies remains to be seen.

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just_vibin_onchain

· 13h ago

France's move is really clever, directly turning wallets into transparent individuals. Once the data honeypot explodes, it's gg. --- Haha, that's why I've always said self-custody is the last fortress. Now even that can't be protected. --- What declaration? Privacy rights? The government is just showing us what to do. --- Another country starting to centralize data, they'll definitely follow suit. Europe is about to explode. --- They've turned Web3 into Web2.5, might as well just go directly to exchanges. --- Once the database is built, hackers will be overjoyed. This is like giving gifts. --- I now seriously doubt that these bureaucrats even understand what autonomous custody means. --- What's the point of privacy? It's all going to be transparent anyway. --- Now it's all good, holding coins has become a sin, and you have to confess voluntarily. --- Just wait and see, in a few months other European countries will start copying this set.

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CoconutWaterBoy

· 12-12 03:32

France's latest move is truly brilliant, as the significance of self-custody has been directly undermined --- Once the data honeypot is breached, hackers can directly target the precise customer list. These bureaucrats are really thoughtful --- Hold coins and have to report? Can't I just not report... Just kidding, now privacy is completely gone --- Here we go again. Every time regulators appear, it's "for anti-money laundering," but in reality, they just want to control everyone's assets --- Will other countries follow suit? Yes, definitely... Humans always tend to imitate the worst practices --- It feels like the spirit of Web3's freedom has been cut again. What's the point of playing decentralization anymore? --- Can self-custody still be called self-custody? The name should be changed to "official custody"

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gaslight_gasfeez

· 12-12 03:28

France's move is really clever—turning self-custody into mandatory reporting. Forget it, I'll just transfer to a cold wallet first; I have nothing to hide anyway. Once this database is built, hackers will be popping champagne. Another one under the guise of "taxation," right? I'll come clean—I just don't want the government to know how many coins I have. Wait, if this really gets implemented, does that mean I have to run around all of Europe?

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ImpermanentPhilosopher

· 12-12 03:08

France's latest move is truly brilliant, turning self-custody into "self-disclosure of assets." Once again under the guise of "anti-money laundering," but in reality, they just want to expose everyone's assets to the sunlight. If the database leaks, our addresses and holdings will be fully public, and won't we be targeted? Privacy is something that can disappear in an instant. Other countries will definitely follow suit. The actions of Europe and the US have always been consistent. Eventually, we all have to face this issue. If you ask me, the really decentralized stuff has now ironically become the easiest target for centralized regulation.

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ChainWallflower

· 12-12 03:08

France has really gone overboard this time. Self-custody is fundamentally a core belief. --- Once the database is established, phishing criminals will be ecstatic, as they can directly know who owns coins. --- Here they come again. The government claims it's for anti-money laundering, but in fact, they just want to control everyone's financial information. --- Holding a coin and having to report for taxes—whoever is responsible for that would be furious. --- Privacy is gone. When will it be our turn? Really worried about following the trend. --- Just report it directly. This is naked discrimination against coin holders. --- Wait and see, Europe will always come up with such mischievous policies.

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